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What kind of important issues are done by Managerial Accounting, besides using cost information? Cost:Management accounting information can be costly. In many cases, managerial accounting
What kind of
important issues are done by Managerial Accounting,
besides using cost information?
Cost:Management accounting information can be costly. In many cases,
managerial accounting techniques require time and money to design,
implement, monitor, and evaluate. This can include moving existing
employees away from their normal job duties, hiring additional
employees, or hiring outside consultants. As such, you should consider
all of the costs required from design to retirement for the proposed
system. GAAP Compliance: internal measures and report dont have to
follow gaap but are based on cost benefif analysis. Adaptability:Although
there are some guidelines for managerial accounting procedures, the
methods can adapt to the specifics of your business. This can be an
advantage of managerial accounting but it is also a disadvantage
because management accounting is so flexible, it can be difficult to
compare results across companies, especially if you are inconsistent in
applying managerial accounting techniques within a company.
Reliability:Management accounting techniques usually emphasize the
timeliness of information to allow business owners to make decisions.
This means a trade-off with reliability.
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